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To Our Shareholders

I would like to express my gratitude for your continuous support.


First of all, I would like to offer my deep condolences to sufferers of ?gKumamoto Earthquake 2016?h, and sincerely pray for their recovery from the disaster as early as possible.


In the first year of the Medium-term Business Plan (2015-2017), launched in April last year, we have achieved the results that we targeted for the final year of it. This early success is primarily due to favorable market conditions, which have contributed to our record-high profits.


Based on our primary policy of "Deep cultivation of the core business of the construction industry", we will continue to strive to respond appropriately to the present high demand by pursuing national projects (such as the New National Stadium and the Chuo Shinkansen Project) and large private-sector projects. We will also continue to seek to achieve our newly established business targets by increasing our mid- to long-term competitiveness, taking into consideration the relative uncertainty of market conditions following the year 2020.


We will uphold our group philosophy of "Creating a vibrant environment for all members of society", by tailoring our values to incorporate the diversity of values of society and our clients as a whole. This is primarily with the aim of retaining the trust of all of our stakeholders-including our shareholders- and sustainably developing our corporate group.


With regards to dividends for this period, an annual cash devidend was determined to be 16 yen per share (including an interim dividend of 5 yen). In determining this figure, we have taken into consideration the fact that we have significantly exceeded the original targets of our Medium-term Business Plan, and positively revised our initial overview of the business environment and other market factors.


Additionally, at the Board meeting on May 13, 2016, acquisition of the Company?fs own share, the maximum limitation of which is 30 million shares (20 billion yen), was resolved in order to increase shareholder returns and to improve the capital efficiency.


I sincerely appreciate your continuous and invaluable guidance and support.

Yoshiyuki Murata

President and Chief Executive Officer